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Singapore's United Overseas Bank to invest in Chinese bank

Singapore's United Overseas Bank to invest in Chinese bank

Singapore's United Overseas Bank Ltd. said Monday it plans to take a stake in China's Evergrowing Bank Co., the lender's latest move to tap rising affluence in Asia's emerging economies.
UOB, one of Southeast Asia's biggest banks, said it has signed a letter of intent to take a stake in the Chinese lender subject to due diligence and regulatory approval.
"Parties will negotiate the definitive agreements for the investment and a due diligence will be conducted on Evergrowing Bank. An appropriate announcement will be released in due course," UOB said in a statement, without providing any specific details.
Liu Jinping, head of the board of Evergrowing Bank's secretary office, declined to comment on the deal.
China's banking regulator restricts a single foreign investor to a 20 percent stake in commercial banks, with total foreign ownership capped at 25 percent.
Founded in 1987 and based in the eastern coastal city of Yantai, Evergrowing was previously known as Yantai Housing Saving Bank, according to its Web site.
At the end of 2005 it had deposits of 27.8 billion yuan (US$3.6 billion;


Updated : 2021-05-10 03:19 GMT+08:00